ArcelorMittal ready to sell three Italian steel mills

The acquisition of Ilva's assets was conditionally approved by the EU in early May, subject to the divestiture of certain assets, the Italian authorities later postponed the takeover. Although, initially it was expected that the deal will be completed by the end of the second quarter of this year. Unions in Italy hint at the need to sell three steel assets to ArcelorMittal. The three properties for sale are those located in Galati, Skopje and Piombino.

The plant was previously put up for sale in accordance with European Commission (EC) directives to prevent an industry monopoly on the acquisition of the Italian Ilva group. Reports indicated that several parties are expressing their interest in purchasing these assets. However, the sale was postponed due to uncertainties regarding the completion of the acquisition.

Now that ArcelorMittal is entering into a temporary labor agreement with Ilva's unions, hopes for an early closing of the deal are on the horizon. Ilva's asset sale and purchase agreement is expected by early November this year. Accordingly, the company is expected to announce a list of potential buyers for the three plants by the end of this month. The companies will then have to apply for approval from the European authorities.

The European Commission has also demanded the sale of other assets across Europe, including ArcelorMittal Dudelange in Luxembourg, the Ostrava Steel Works in Czechoslovakia and some Belgian finishing lines.